A SAFE INCOME.

Franklin Times, Volume 9, Issue 664, 2 September 1921, Page 4

A SAFE INCOME.

(Published by Arrangement:).

FOR TWENTY YEARS. FROM AUCKLAND HARBOUR BOARD DEBENTURES. Most of the high interest-bearing securities which have recently been issued, are redeemable in a few years. This provision has been made because it is anticipated that interest rates ‘ must inevitably fall, in the near future, and the issuing: companies will then be able to borrow capital'on lower, terms. The Auckland Harbour Board has* however, fixed the currency -of its debentures <xt 20 years. Consequently, no matter how low other rates may fall, the interest on these debentures, will continue at the present rate for the whole of this period. At the end of that time the Board wit! repay £IOO for each debenture held and for which the holder now pays only £94. Such an investment is obviously an excellent one in which to provide for later years or to secure an assured source of income for a family. The income is certain. Revenue from rents alone covers the amount quired to pay interest on theko debentures more than seven times over. The capital is secure. The Board’s assets exceed its liabilities by over a million and a quarter sterling. And there is no risk of depreciation of capital, for the debentures will be redeemed -at their full value. Interest at the rate of 5.% per cent, is paid, but as the debentures are issued at £94, the return is equal to 6 per cent., including redemption. The interest is paid half-yearly, and is free of income-tax to those whose income does not exceed £3OO a year. Only abmi,t £20.000 of the issue- of £IOO,OOO now remains to be subscribed, so that applications should, be sent without delay to the Secretary, Auckland Harbour Board, P.O. Box 1259, Auckland, from whom a copy of the prospectus may be . also be. obtained on request. .